Two recent Bankruptcy Court cases both remind and illustrate the power and risks presented by discovery of facts and documents under Bankruptcy Rule 2004, showing that it can compel third parties to provide information to...more

While it has taken five years of committee and court efforts, the “Stern Amendments” to the Federal Rules of Bankruptcy Procedure will become effective December 1, 2016. These amendments will streamline litigant and court...more

In a recent decision by the U.S. Court of Appeals for the Second Circuit in the General Motors case, the court held certain claimants were not afforded procedural due process with respect to the § 363 sale of General Motor...more

The Supreme Court of the United States issued decisions in three cases on June 13, 2016: -
Puerto Rico v. Franklin Cal. Tax-Free Trust, No. 15-233: Under the Federal Bankruptcy Code, state bankruptcy laws that enable...more

Today’s U.S. Supreme Court decision in Commonwealth of Puerto Rico v. Franklin California Tax-Free Trust puts an end to one of Puerto Rico’s multi-pronged efforts to deleverage itself. Given the comprehensiveness of the...more

Learning the interplay between state rules of judicial procedure and federal bankruptcy law can be a daunting undertaking, but the pitfalls of failing to do so can be severe. A recent example of the importance of being...more

The Supreme Court of the United States issued decisions in six cases today:
Spokeo, Inc. v. Robins, No. 13-1339: The Fair Credit Reporting Act of 1970 (“FCRA”) imposes a number of requirements regarding the creation and...more

What showing must creditors make to be granted the right to prosecute claims on behalf of the bankruptcy estate? Under the widely recognized standard established by the Second Circuit in In re STN Enterprises, a bankruptcy...more

A recent decision by the U.S. Court of Appeals for the Second Circuit, In re Tribune Company Fraudulent Conveyance Litigation,1 represents a significant victory for shareholders who may get cashed out in connection with a...more

A few thoughts on Tuesday’s oral arguments before the U.S. Supreme Court in the litigation over whether Puerto Rico’s Public Corporations Debt Enforcement and Recovery Act, an insolvency statute for certain of its government...more

“The judgment is affirmed by an equally divided Court.” With that one sentence, the Supreme Court case of Hawkins v. Community Bank of Raymore, Case No. 14-520 came to an end. The first 4-4 decision from the Court since the...more

The PRA Publishes Guidance on Financial Conglomerate Waivers -
On January 4, the Prudential Regulation Authority ("PRA") published guidance on the application and supplementary forms that should be submitted by firms...more

It is said that muddy water is best cleared by leaving it be. The Supreme Court’s December 4 decision to review the legality of Puerto Rico’s local bankruptcy law, the Recovery Act, despite a well-reasoned First Circuit...more

Since the Nevada Supreme Court’s infamous decision in SFR Investments Pool 1, LLC v. U.S. Bank, N.A. in September 2014, the mortgage community has continued to fight to save senior deeds of trust from extinguishment due to an...more

In Wellness Int’l Network Ltd. v. Sharif, the U.S. Supreme Court has added another piece of the puzzle needed to resolve the long-discussed issue of bankruptcy court authority. This issue stems from the structure of the...more

On July 24, 2015, Judge Rita M. Novak of the Circuit Court of Cook County, Illinois struck down recently enacted legislation designed to shore up two of the City of Chicago’s severely underfunded pension plans by, among other...more

A mortgage lender has standing to foreclose even when it obtains assignment of the underlying promissory note after the note has been discharged in bankruptcy, a New York appellate court has ruled. The case arose after the...more

On July 15, 2015, the California Supreme Court granted review of Boyce v. T.D. Service Company (2015) 235 Cal.App.4th 429. (Supreme Court Case No. S226267.) In Boyce, the Court of Appeal held that a plaintiff's wrongful...more

The 1978 Bankruptcy Code was hailed as a comprehensive bankruptcy overhaul, designed, in part, to eliminate the uncertainty as to which matters could be handled by a bankruptcy referee depending on the outcome of a summary...more

The Court handed down four opinions and a summary reversal to kick off the busiest month of the term. This update will cover Elonis v. United States (13-983), the much anticipated "Facebook threats" case, along with Taylor v....more

On May 26, 2015, the Supreme Court in Wellness Int’l Network, LTD v. Sharif answered one of the foremost questions left open after its decision in Stern v. Marshall – is it permissible for litigants in a Bankruptcy Court to...more

In a 6-3 ruling, the U.S. Supreme Court held that bankruptcy courts have the authority to adjudicate Stern claims so long as the litigant parties provide “knowing and voluntary consent.” This decision in Wellness...more

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